Hi Colin,
I wouldn't say that is surprise given the amount of effort needed to decode HDTV. Without gfx card acceleration I had about 20-30% CPU with SDTV and 60% at HDTV on a C2D at 2.4 GHz. With HW acc I get 1-5% with SDTV and about 10-15% with HDTV.
Four alternatives as far as I know:
1. Better CPU
2. HW acceleration on gfx card, not sure if yuor can do that
3. More efficient codec, CoreAVC regarded as the most efficient T think, not sure it would be enough though
4. Don't watch HDTV
/Peter